For some, a second job is an ongoing necessity. For others, it’s a temporary situation in order to achieve a goal, like saving for a major purchase or paying off a debt. Whatever the reason, it’s a major commitment of time and energy. You might want to check first to see if you can work overtime or take on additional responsibilities at your primary job in order to earn that additional cash.

Whatever you do, don’t jeopardize your primary job. Companies may have a policy against taking a second job, but even if your employer doesn’t prohibit moonlighting, you might want to tell your supervisor.

Here are a few common tax issues to watch out for:

If you earn tips in your second job, remember that they are taxable. You must report tips of $20 or more to your employer by the 10th of each month. IRS Form 4070A can help you keep track.

If you’re an independent contractor, you’ll need to manage your own tax withholding and payments. Your clients should mail you a 1099 Form after the end of the year that tells how much they paid you.

If you expect to earn more than $1,000, you must make quarterly estimated tax payments that are due the 15th of the month after the end of each quarter.

Whether a second job is necessary to get by, pay off debts, or save for future needs, be disciplined, have a plan, and obey the law!

Business is personal. And it impacts nearly every aspect of our daily lives. From keeping a household budget to planning for retirement, to getting (and keeping) a job or just putting up with annoying guy in the next cubicle — we've got a lot on our minds, and Personal Interest wants to help you sort it all out. We're bringing together the Denver Post $mart Editor with variety of experts from the local business community. We've asked them to offer tips, advice and general observations aimed at making the business of everyday life a bit easier to manager. Note: The bloggers were selected for their expertise, but their opinions are solely their own. While many operate their own businesses or consulting firms, we are not endorsing or advocating their businesses.